GLOBAL INVESTMENT GRADE CREDIT

Our disciplined and robust process, attention to risk management, independent research and integrated team approach are all vital to our performance

Fraser Lundie

Head of Credit

Across the capital structure

We search the capital structures of attractive issuers to determine which bonds and derivatives offer superior relative value.

Selecting securities, not just issuers

To identify strong relative-value opportunities, security selection can be equally as important as issuer selection.

ESG integration

We assess the impacts of environmental, social and governance factors on instruments to manage risk – and to identify opportunities.

Experienced

Principal members of the team have together generated impressive track records since 2004.

Investment approach

We believe that global, relative-value investing throughout the capital structures of issuers can deliver strong returns through the cycle.

Through top-down analysis, we determine our risk appetite and the return prospects of different regions and sectors. These findings direct our disciplined, bottom-up research, in which we seek exposure to issuers with attractive credit risks and aim to determine which securities in their capital structures provide superior relative value.

Our global approach, in which we invest throughout the US, Europe and the emerging markets, provides us with access to an expansive set of opportunities and sources of liquidity.

Team

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Andrey Kuznetsov

CFA, Senior Portfolio Manager

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Andrey joined Hermes in January 2013 and is co-portfolio manager on Hermes' range of credit strategies. He joined Hermes from C-Quadrant Asset Management, where he managed the multi-strategy credit fund and generated investment ideas for a range of absolute return credit funds. Andrey holds an undergraduate degree in Economics from State University – Higher School of Economics in Moscow, where he majored in Financial Engineering and Mandarin Chinese, and a graduate degree from London Business School. Prior to moving to London he worked in various roles in Russia and China. Andrey has been selected to join the leadership team of Next Generation Fixed Income Portfolio Managers network, a CFA UK initiative to bring together the leading portfolio managers in the UK. Andrey is a native Russian speaker and CFA charterholder.

Nachu Chockalingam

CFA, Senior Emerging Market Debt Portfolio Manager

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Nachu joined Hermes in March 2018 as a portfolio manager responsible for emerging market debt. Prior to joining Hermes, Nachu was a portfolio manager at Ontario Teachers’ Pension Plan responsible for the plan’s active investments in emerging market and European credit. She started her career at JPMorgan in London as a sell-side analyst covering firstly European high yield and investment grade and then CEEMEA credit and was at the bank in London for 13 years. Nachu graduated from the London School of Economics with a degree in Economics and is a CFA charterholder.

Vincent Benguigui

Portfolio Manager

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Vincent joined Hermes in 2013 and is portfolio manager responsible for short duration strategies and global risk management of Hermes Credit’s portfolios. He also oversees the implementation of non-linear trading strategies, with extensive use of derivatives products such as credit options and indices. Prior to Hermes he worked for Scor Global Investments in Paris, where we was credit analyst across European high yield. Vincent holds a Master’s degree in Banking and Finance with Honours from Pantheon-Assas University in Paris, as well as a Bachelor in Management from Dauphine University in Paris.